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With intentions to create a $40 billion fund specifically for investments in artificial intelligence (AI), Saudi Arabia is laying the groundwork for a massive entry into the field. The Public Investment Fund (PIF) of the Kingdom is leading this programme, which is in line with Saudi Arabia’s larger goal of diversifying its economy away from oil dependence and establishing a more powerful position in the global geopolitical arena.

Wall Street’s top banks are actively working with the PIF, an organisation with assets over $900 billion, to carefully design and launch this technology-focused fund. The programme aims to establish Saudi Arabia as a leading player in artificial intelligence (AI), outpacing other significant investments in the field.

Talks on a potential strategic alliance involving this powerful fund are already taking place between officials of PIF and Andreessen Horowitz, a prominent Silicon Valley venture capital company, according to a story by The New York Times. The proposed fund’s immense size is expected to surpass the standards established by standard U.S. venture capital operations, coming in second only to the massive SoftBank Vision Fund, which has been a leading investor in companies.